Tags: cuba castro economy

Raul Castro Moves to Open Up Cuban Economy

Tuesday, 14 September 2010 08:46 AM

Former revolutionary leader of Cuba, Fidel Castro, may claim he was misinterpreted by a US reporter last week when he stated that the Cuban model no longer works.

But, The Christian Science Monitor reports, his words were bolstered Monday when Cuban authorities announced the biggest economic shift in decades: Half a million state workers will be laid off by next year and more private enterprise will be tolerated.

The news generated concern across the communist island nation, but also hope that a more liberalized economic policy is in sight.

“It is a very good development toward harnessing the entrepreneurial spirit and know-how of the Cuban people,” says Ted Henken, a professor at Baruch College-CUNY who has studied private enterprise in Cuba. “It will hopefully be a beginning of the end of the Cuban government´s 'internal embargo' on the inventiveness of the Cuban people.”

Raul Castro, who has led the nation since his older brother Fidel Castro fell ill in 2006, has long been seen as the more pragmatic brother, open to a new, more functional economy. When he took power, he raised expectations that big economic changes were underway.

Read the entire story at >csmonitor.com

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Tuesday, 14 September 2010 08:46 AM
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